Mbalam - Nabeba iron project: Positive progress, page-48

Large long life resource.
The resource can already support a life of >30 years at
35Mtpa. Only Mbarga in Cameroon has JORC itabirite resources, but Nabeba is
expected to have underlying itabirite as well, which should extend the life of the
project.
Low Costs.
Mining costs are extremely low due to the low strip ratios involved.
FOB costs of c.US$22/t pre-royalties for the DSO hematite operation, would put
this project in the lowest quartile on the cost curve.
First Mover Advantage.
??? will have first mover advantage in a regional iron
ore province with its integrated infrastructure solution.
Takeover potential.
The large, longlife, low cost nature of this project should be
attractive to miners looking to increase their iron ore exposure, or steel mills
looking to secure supply